Sunday, February 25th, 2024

Record increase in steel demand expected in India, demand will come from these two sectors

Photo:FILE steel

India Steel demand in India is expected to grow at a CAGR of seven percent to reach 190 million tonnes by 2030. This was said in a report by Steelmint India. According to the research company associated with Kshetra, demand will be largely driven by the construction and infrastructure sectors, which contribute 60-65 percent of the total demand. India’s steel demand is estimated to reach 190 million tonnes in the year 2030 based on seven percent compound annual growth rate (CAGR).

Vehicle and engineering sectors will get a boost

The report titled ‘India’s Steel and Coking Coal Demand 2030’ said that in the best case scenario it could reach 230 million tonnes by 2030. Demand will also be boosted by sectors like automobile and engineering. Population growth, increasing urbanization, various government initiatives etc. will be the major factors for this. According to the report, demand is expected to reach 120 million tonnes by the end of 2023 and production will be 136 million tonnes. India’s crude steel production is expected to reach 210 million tonnes by 2030, 45 percent more than 2023 production levels. The report said that steel production in many countries, including China, will decline compared to its current production level.

Will emerge as the largest importer of coal

It said that in the times to come, India will emerge as the largest importer of sea-borne coal, with a market share of 30 percent. The country will require about 350 million tonnes of iron ore by 2030. The year 2030 is important for the domestic steel industry as the government has set an ambitious target of increasing India’s installed steel manufacturing capacity to 300 million tonnes.

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